Charleston, SC Homebuyers Respond to Proven Marketing Tactics

For anyone who has listed their home on the Charleston market, the equivalent of winning the lottery is a call from your agent telling you that multiple offers are on the way. It’s like hitting the jackpot — especially when the house draws top dollar.

Although the tactics that can trigger such a phone call vary by location and property type, a few overriding concepts put you far ahead in the competition to attract Charleston’s motivated homebuyers—

·         Build excitement
Charleston homebuyers are like everyone else: whenever there’s a crowd, natural curiosity prompts us to find out what all the fuss is about. When you list your property a few days before beginning the showing process, you increase the odds of drawing a larger turnout on the first days of showings — or at your well-publicized open house. When homebuyers sense they are being shoehorned into a full schedule, they get the message: this one is hot! In a real estate environment where word-of-mouth can play a key role, it’s smart to actively set up buzz and good press around your property.

·         Team with a pro
Nothing prevents you from doing all the legwork yourself — if you have the spare time, that is (and don’t mind wading through reams of property data online, taking all the home buyer calls, working through their schedule changes, etc.). But when you team with a seasoned agent to perform the prep work for you, it frees your time to tend to more important tasks. Too, professionals have experience in screening potential Charleston area homebuyers and encouraging those who are best qualified — ultimately saving you time and expense down the road.

·         Spruce it up
As important as any other factor is being able to focus your energy on maintaining your home in impeccable shape. The dollars spent here and there on maintenance can draw ten times as much at closing. Charleston area homebuyers usually have no trouble paying a bit extra for a well-maintained house. When homebuyers are presented with a property in absolutely excellent shape, it communicates long-term value — as well as a solid, trouble-free investment!

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC 

Basics of Buying Foreclosed Homes in Charleston, SC

You may have seen the reports — and they are correct — that the number of new foreclosures has dropped almost everywhere throughout the country. Although the Mortgage Bankers Association’s report about the drop in non-seasonally adjusted foreclosure starts might indicate otherwise, this autumn, sharp-eyed buyers can still find any number of foreclosed homes in Charleston, SC. For those whose goal is to find an appreciably nicer home at a lower-than-average price, a few basics shed light on the process.

Short sales differ from foreclosures. Although the sale price may be a good deal less than what is still owed on a loan, it may be more or less than the actual value of the home. A foreclosed home in Charleston, SC is one that is actually owned by the bank holding the underlying loan — with the previous homeowners already having moved on.

Success in the foreclosure realm means saving money by buying Charleston foreclosed homes — and it means being aware of the motives of the lender. First, any bank will typically offer foreclosed homes on an as-is basis. To keep losses in check, no repairs will have been made on the property. Some homes may be in fine condition, but others will not. That’s why it’s so essential to be willing to pay for an inspection on the property: it’s the only way to know exactly what you are getting into before you sign on the dotted line.

Unless you have prior success in buying Charleston, SC foreclosed homes, it is universally recommended that you enlist a buyers agent to help throughout this process. An agent can advise you whether or not the property value is in line with the market for comparable properties in comparable condition. While you can work with the bank on your own, it is advantageous to have an experience professional to assist at the bargaining table.

If you are interested in buying foreclosed homes in Charleston, SC this autumn, why not contact me today to discuss your search parameters? The values really are out there to reward the patient — and anyone willing to put in a dollop of elbow grease!

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

3 Questions to Ask Before Buying a Charleston, SC Vacation Home

As the housing market continues its recovery, sales of vacation homes in the Charleston area are part of the national picture reported by the NAR — which tells us that vacation home sales rose by over 10% last year.

While owning your own vacation home in Charleston automatically sounds great, a thoughtful reality check is always in order. Particularly when a vacation home is involved, it minimizes the likelihood of making an overly emotional decision (and eventual buyer’s remorse).

The first question to ask is How often will we actually use the home? If you travel the Charleston area just once a year for a week or less, keep in mind that, in addition to the purchase price, your actual costs include insurance, real estate taxes, and upkeep on the property. It’s likely you’d be dollars ahead by simply renting a home. On the other hand, if you stay for weeks or months at a time (or eventually plan to retire in Charleston), the investment looks a lot more practical.

 Next question: Do I have a maintenance plan? Maintaining a vacation home in Charleston needs to be considered, particularly if you live hours away. You’ll need to find a local to ensure that the property is well maintained and protected. Consider working with a Charleston property management company to outsource oversight. This approach can change the entire landscape, if it enables you to rent the home and turn it into an investment property when you are not using it.

And a vital question: How does the asking price compare? Very often, people visit the Charleston area, fall in love with the place, then find what they know is the perfect house! That’s precisely why working with a Charleston Realtor^® is key: you need to enlist the knowledge of a local professional in order to get timely, accurate input on its actual market value and other issues that may impact the property. It is really the prudent way to protect your interests.

A thoroughgoing reality check makes buying a vacation home in Charleston a levelheaded and worthwhile decision. I’m here to make sure that happens! 

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC 

Why Your Charleston, SC Listing Will Profit From a Virtual Tour

According to the National Association of Realtors^®, active home-buying prospects are turning to the Internet in overwhelming numbers. If you have been a Charleston, SC house-hunter yourself anytime recently, this will not surprise you. Even after you’ve had to wrestle with an ever-expanding number of new computer apps, you know that when your computer (or notebook or smartphone) is working well, it’s unmatched for speed and breadth of access to what you’re trying to find.

In fact, 62% of those who search for their next home online wind up touring a real-life property after first viewing it online. For homeowners who have listed their Charleston area properties, that’s a healthy incentive to be certain that what they put online is as effective as possible. The more information you can provide these potential buyers, the better your odds of getting them in the door.

One great way to accomplish this is to include a virtual tour with your Charleston, SC listing. Showing individual photos has always been important, yet single photos alone can’t insure that potential buyers get an in-depth feel for a property. Too often they underplay details that could make a home a standout.

Most virtual tours include multiple angles of each room in the home, giving viewers a better sense of the size of each room and emphasizing more features than would otherwise be possible. You can also include carefully chosen shots picturing important exterior features like the scope of the backyard, the roominess of the garage, plantings in full bloom, etc.

The most well-structured virtual tours in Charleston take buyers on an emotional journey — a progression through the property similar to what happens during a successful showing. If you want to spark interest, captivate potential buyers, and increase the chances of selling your property in less time, including a virtual tour is all but a necessity in today’s market.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

Predicting the Return on Investment of Your Charleston Home

If you are a Charleston area homeowner (or about to become one), you’ll be interested in the progression of your Charleston home’s value over time. The market may fluctuate, but what doesn’t is your goal of seeing your property value go up — in other words, calculating its Return on Investment. In economic terms, evaluating the projected ROI tells you how much profit there would be if the home is sold at a later time.

There are two major methods of calculating real estate ROI. Both take cost and appreciation into account — but they come up with quite different answers!

The Cost Method gives a smaller ROI. Consider buying a Charleston area house for $100,000. Ubiquitous Zillow (the Internet giant) pegs the current annual appreciation rate for real estate in the U.S. at 6%. If our Charleston market proves true to that projection, the example Charleston home value would register $106,000 after the first year. If $2,000 were spent on repairs, that means a $4,000 profit would result, and the ROI for that one year would be $4,000 divided by $102,000: 3.9%. At that ROI, it would take roughly 26 (100 divided by 3.9) years to equal the cost of the home.

Sometimes called the “Out of Pocket” method, this calculation yields a higher ROI. Here, ROI is calculated based on the size of the down payment (assuming a mortgage is involved). Take the same example: the Charleston home valued at $100,000. You won’t actually pay that whole amount — just the down payment (say, $20,000). To evaluate the ROI, the down payment is added to the repair costs ($20,000+$2,000) and that number is subtracted from the appreciated home value ($106,000-$22,000). The “equity” in this case is $84,000, so the ROI in that single year is $84,000/$106,000 = 79.2%. Although this sounds terrific, it isn’t too realistic…after all, the mortgage left is still owed: it may not be “out of pocket” because it hasn’t been actually paid yet, but the remaining liability is real. 

Interested in your home's value, ROI or selling your home?Visit: www.jeffcookrealestate.com
Interested in your home's value, ROI or selling your home?Visit: www.jeffcookrealestate.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

Getting the Right Charleston Area Home Mortgage for Now and for the Future!

A vital part of buying a Charleston home is getting a mortgage. But not all mortgages are the same. There are two general classes of mortgages; fixed rate mortgages keep the same interest rate for the full duration of the debt. The interest rates for adjustable-rate mortgages (ARMs) change every year after an initial period expires. You also choose the duration of the loan. 

                                  

That’s the easy part. When it comes to choosing those details, coming up with the right option for your family can be a brain-twister (especially when you realize how big a difference different future scenarios might present). When you go about getting a Charleston area home mortgage, you need to account consider the major factors -

·         Affordability. Your budget for month-to-month payments is the largest single element to gauge when getting a mortgage in Charleston. If you want to ensure lower monthly payments and minimize the risk of increases, tilt toward a longer-term fixed rate mortgage. If you can afford to risk a higher interest rate, a short-term ARM might be best.  

·         Future Rates. This can be a key issue when choosing between a fixed-rate mortgage and an ARM. If you suspect interest rates will decrease over time, you might tilt toward the ARM, since those mortgage payments will eventually decrease along with interest rates. If interest rates are headed up over the long haul, a fixed rate lets you to lock in today’s lower rates.

·         Permanence. If you plan to live in your new home for just a short period, your choice for getting a mortgage may be less complicated. ARMs usually start out at a lower rate than do fixed-interest mortgages, and if you move before the adjustment period begins, you can take advantage of the lower initial rate and avoid the future possible payment increase.

Like all financial decisions, getting a mortgage in Charleston should be carefully undertaken: always keeping in mind your long-term financial goals.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

Charleston Area Property Re-listings Deserve Energetic Second Effort

Even though Charleston property prices continue to recover, the current market can still present challenges. No one understands this better than homeowners who are re-listing this fall. For some of them, surrounding seas of “For Sale” signs created a less-than-appealing neighborhood setting. Others drew buyers who weren’t able to secure financing in the uncertain mortgage environment. Whatever the reason, it can be disheartening for anyone who has to re-list their property.

Once you undertake a repeat attempt to sell your Charleston home, you want to be certain the job gets done right. A key part of that will be ensuring successful showings. It’s estimated that well-staged homes sell as much as 50% faster than those not “dressed for sale.”

Most buyers begin their search online, so take a look at its online marketing. A buyer who dismisses your property outright without a visit means one less chance to close a sale. Be sure you show multiple photos that show the property in the best possible light. If that's not the case, and professional photography might provide the solution.

Give the property another thorough cleaning. You cleaned your home for your first open house, but now that time has passed, your house certainly needs deep cleaning again. In particular focus on the two areas that get messiest fastest: bathrooms and kitchen ­ rooms buyers look at first.

Take a look at timing: specifically, the times you choose to show your home. Try holding an open house between 3-5pm. This will make your home one of the last that prospects view. If they are still looking at day's end, chances are they are serious about buying a Charleston property. This slot also helps avoid viewing conflicts with other homes.

Sure, it's disappointing any time a home doesn't sell immediately, but that needn't mean it won’t succeed the second time around. In most parts of the country, real estate has been trending upwards ­ and more buyers are entering the market. You're only looking for that one person who appreciates your Charleston property.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC

Steps That Boost a Charleston Home Buyer's Negotiating Power

When a Charleston area home buyer first finds that single-family homes and condominiums have been getting pricier, it shouldn't be a surprise. Nationally, the median sales price is still well below the record $230,400 reached at the height of the housing boom ­ but that gap is shrinking.

If you're a future home buyer in Charleston area, you can take steps to improve the situation. One way is to increase your negotiating leverage - to turn yourself into a highly desirable buyer from the seller's point of view.

Show You're Financially Attractive: Maximize your negotiating power by getting yourself pre-approved for a mortgage loan. This is a step beyond merely becoming pre-qualified. To become pre-approved, a mortgage lender pulls your credit, studies your income, debt and employment history, and determines the size of the mortgage loan you can handle. A seller prefers working with a Charleston home buyer whose agent can present a pre-approval letter. It increases the odds that a sale won’t fall through at the last minute.

Know the Charleston Area Market: You’ll have a better chance of convincing a sellers to lower the asking price if you are armed with the sales prices that similar homes in the market are fetching. If a seller is asking $20,000 more than is typical, your agent will be able to present this fact in negotiations.

Prepare to Offer Something: A seller is usually more willing to come down in price when he sees a concession or two from you. A home buyer can, for instance, agree to a later or earlier closing date to accommodate the seller. You might also agree to overlook some needed repairs. Especially on fixes that might take a lot of time, such a concession can have a meaningful impact on the bottom line.

Be Realistic: Don’t ask for too much. Asking sellers to lop off 30% is more likely to scuttle negotiations than lower the price.

A home buyer in Charleston area will still find some great deals out there.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC 

Not All Changes Add Value to Your Charleston Listing

In Charleston's competitive housing market, shrewdly targeting which (if any) renovations to make prior to listing your home can sharply affect not only its DOM (days on market), but the price it ultimately brings. After making any obviously needed repairs ­ any that would be standout deficiencies left untended ­ you must still decide, what else?

Of the welter of possibilities you could choose before your property appears in the Charleston listings, recent studies show some renovations have the greatest impact on selling prices.

An inviting outside entertainment area is a significant plus for many prospects, so the addition of a wooden deck heads the list. A deck is relatively quick and easy to install, so when Remodeling Magazine reports a 77% return at sale, being able to add “entertainment deck” seems an economical way to add appeal to any Charleston listing. If you already have a deck, you might consider expanding or improving it.

Since the kitchen is the heart of a home, even a modest improvement ­ like freshening up cabinets or upgrading an appliance or two ­ can make a dramatic impact on saleability. If your home is already priced at the high end of the market, simply adding granite countertops is an investment that's not likely to add significantly to the bottom line...whereas the return on minor kitchen improvements is measured in the neighborhood of 75%.

For an older home, changing out questionable windows with new, environmentally advanced ones can create a listing feature that's adds appeal to utility cost-conscious home buyers. Window replacement is a quick fix; and if you already have newer windows, an upgrade to siding can add one fewer thing potential buyers find to worry about...and one more reason to choose your offering.

Such easy fixes are ways to increase the instant appeal of your Charleston area listing without severely denting your pocketbook. Being conscious of the way your listing compares with others in town will put you ahead of the pack.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC 

Charleston SC Luxury Home Sales Hinge on Lifestyle Marketing

Luxury home sales often trace a path that differs from the rest of the market. Just as high-end buyers can afford to take their time to find exactly the property they are looking for, Charleston luxury homeowners tend to pick and choose when they will market their properties. That's pretty much what happened in the aftermath of the 2008 housing crisis: many luxury home owners in Charleston area decided to hold off and wait for the market to rebound before listing. Now, as the housing market continues to recover and home values continue to rise, the potential number of buyers interested in these homes is also on the upswing.

For those who have been postponing the sale of their own Charleston luxury home, this fall is shaping up as a likely time to act. Before you list though, it can't hurt to revisit some basic truths in high-end real estate marketing.

Selling a luxury home requires a different marketing psychology than does traditional real estate. It simply takes longer to find the buyers for these homes, so it is almost always necessary for their owners to practice extra patience throughout the sales process.

It is absolutely essential to work with a real estate professional with experience and connections in the luxury market. An experienced agent understands the ins and outs of selling a Charleston luxury home. It's not unusual for them to have fostered a network of qualified potential buyers who may be interested in the property.

Luxury home sales are driven by the desire to attain or maintain a specific lifestyle. It is often necessary to sell the lifestyle as effectively as the home itself. This means staging the home properly, highlighting specific “starring” details, and making sure that everything inside and out is immaculately maintained. It means a little more work for both home owner and agent, but the plus side is the size of the reward at day's end.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC 

Communication Skills to Look For in Your Agent

One of the most important and vital skills necessary when buying or selling a home, or in any business transaction, is communication. Having the ability to effectively communicate with all parties involved in a transaction can effectively make or break a deal. It doesn't matter whether you are in the business of delivering products or services, either way your success depends heavily on communication.

Not only is this skill necessary when negotiating a real estate transaction but also in every aspect of life, be it social or family life. You will accomplish more goals with less energy if you’re a great communicator.  Real Estate agents who are great communicators will not only be able to meet your home buying or selling needs but will ultimately be able to negotiate the best deal for you. Here are some communications skills you will want to seek out in an agent:

They Build Relationships - Communication means sending message to another party, meaning it’s not just you involved but a group of people. Agents who are amazing communicators understand and know that people choose to listen more to those they’re connected with intellectually or emotionally. They don’t just broadcast their message assuming it’s the most important message for the listener.  They know their audience and value their importance. Great real estate agents build the relationship in all interactions in any setting over time for great and successful communication. Good will has an accumulative effect.

They Are Experts – Agents who have the knowledge, insight, and forward thinking ability earn the respect of colleagues in their industry and their clients. People won’t listen if they don’t believe you could offer expertise on the table. Your agent’s knowledge and the value that they bring to the conversations and negotiations will be respected by the parties involved. Subject matter expertise should be the first thing your agent needs to focus on to be a great communicator.

 They Listen - When you allow yourself to listen, you often hear what is not being said. Real Estate Agents who have the ability to read between the spoken lines will better understand the whole context of their client’s thinking and needs.  Understanding the client’s needs when searching for a new home or selling a home is crucial to the process of buying or selling a home.

They Clarify and Reinforce – Your agent should be simple and clear and willing to answer all of your questions. They should be able to simplify complex parts of the real estate transaction without being condescending.

People only retain ten percent of what they hear so reinforce key points through storytelling, context and repetition. Your agent should be dynamic and thoughtful in their delivery because it matters to the clients on all sides of the transaction.

They Practice – Almost all skills require practice; and to be an effective communicator, your agent should practice. They should learn from experts, practice from coaches and study techniques that will help improve their skills.

Gaining the ability to calmly communicate one’s way through problems , negotiations and deals will not only benefit you but all parties involved in the real estate process.

Are you in need of an agent to help you purchase a Charleston Area home? Visit: www.discovercharlestonareahomes.com

Are you in need of an agent to help you sell your Charleston Area home? Visit: www.jeffcookrealestate.com

New Home Walkthrough: Doing Your Own Repair Estimate

One of the most valuable skills a Charleston area new home shopper can develop is the ability to walk through a property and identify the areas that might require attention or repair. Even though a professional inspector will ultimately be needed, it can prevent last-minute surprises. 

 #1: Beyond “Curb Appeal”

The first thing anyone looking for a new home notices is the state of the yard and the structure’s exterior. If the grass is healthy, plants recently pruned, and walls not in need of a paint job, good. Then, dig a bit deeper. Part of maintaining a healthy landscape is having a properly working irrigation system. Ask the owner or agent to turn on the system, and as it cycles, check from time to time to see if there are any broken pipes, sprinkler heads, or valve issues. And give the exterior walls a quick check for chipping paint or plaster, cracks in the siding, or other hidden damage.

#2: Major Structural & Equipment Needs

Just like the first impression you formed outside, you’ll get a quick impression of the interior. Pros always remember to look up; checking for settling cracks in the ceiling as well as at the wall joins. The ceiling is also where stains sometimes turn up, indicating water damage from roofing problems. Upstairs in a two-story home, walk as much of the floor as possible to check for creaks or squeaks that might need repair. Finally, go into the kitchen and inspect any appliances that are included. A quick once-over should tell you whether or not these are likely to be sufficient as-is.

#3: Finishing Touches

In any new home, you will inevitably be adding your own touches — but like repairs, these will add expense. Think doorknobs, ceiling fans, cabinet doors, molding, switch plates, closet doors, window covering, etc.

Before you shell out several hundred dollars for a professional inspector, you can give any property that might become your new home an initial once-over. For more tips and for answers to any and all of your Charleston SC real estate questions, feel free to visit the sites below!

Looking to sell your Charleston area home? Visit: www.JeffCookRealEstate.com

Looking to purchase a Charleston area home? Visit: www.discovercharlestonareahomes.com

Jeff Cook

Jeff Cook Real Estate—Charleston, SC 

Pricing Your Charleston, SC Home for a Speedy Sale

Rushing to sell your home is never desirable — but circumstances sometimes require it. To sell your Charleston, SC home quickly, the most important factor is finding the right price. Too high a price will dampen buyer interest — but of course you don’t want to set the price too low, either. Here’s one way to find the right price:

First, complete all repairs. They’ll have to be addressed at some point, so getting them out of the way first clears the deck for your sale. To sell your home quickly, you want to feature it in the best possible light…meaning that all of the little (as well as major) repairs have to disappear from the picture. A few hours or days of hard work can have a disproportionate impact on the ultimate selling price.

Next, familiarize yourself with Charleston area competitors. Scour the listings for homes in your area and attend any open houses you find. Get a feel for the way homes in the neighborhood are being listed, and which features look to be adding the most value.

It’s also a good idea to consult a qualified appraiser. Most homes will be appraised before sale anyway, and a certified appraiser will offer an unbiased view of your home’s value. Having a recent certified appraisal can also serve to encourage buyers to write an offer quickly.

At this point it will be possible to set the value. There are differing approaches to setting the price for a home, but they share a few things in common. Each generally takes into account average prices paid in recent comparable Charleston, SC sales combined with the appraiser’s feedback. To sell your home speedily, consider setting your price three to five percent below that formulation. While this may seem unnecessarily low, the idea is to encourage immediate interest from multiple buyers, setting up the potential for competing offers. One thing is nearly certain: a lower-than-average price will get more buyers through your door!

Planning to sell your Charleston SC home this fall? Visit: www.JeffCookRealEstate.com

Looking to buy a Charleston SC home this fall? Visit: www.discovercharlestonareahomes.com

-Jeff Cook

Jeff Cook Real Estate

Charleston, SC 

Charleston Area MLS Listings Put You in the Thick of the Chase

        Believe it or not, it takes home-seekers an average of 12 weeks to find a home. To shorten that time, there is nothing more useful than the Internet’s Multiple Listing Service. When you are working with a buyer’s agent, the lion’s share of the work will be done for you — but when you participate in the online search, too, it makes a dynamite combination!

Starting out with a clear idea of the features you think of as “must-have’s” will save the most time and effort. This doesn’t mean every feature you would ever consider a plus; these should be the items that you must have. Your deal-breakers.

Use these to pare down the MLS listings you examine more thoroughly. Chances are you’re going to find many homes that match your broader requirements, so narrowing the field will let you channel your time toward the best potential candidates.

MLS listings are available either by city or by region. If you’re open to examining a wider area, you’ll find a greater number of properties within your price range that list your key features. If you can’t find regional MLS listings near your town of interest, your agent will help expand your search. Sometimes this broadening of horizons uncovers the ideal property.

In the Charleston area, MLS listings are updated on a regular basis, so staying on top of the market involves revisiting the listings every few days. In case that sounds overly labor-intensive, your agent can sign you up to receive auto-alerts via email whenever a new qualified MLS listing comes online. It’s also a fact that not all real estate firms keep every one of their MLS listings absolutely current, so calling your agent as soon as you see something you like will keep you ahead of the crowd.

The MLS listings in the Charleston area offer a one-stop destination for identifying numerous candidate properties — as well as the ability to efficiently filter the results you find. If you’re in the market for a new home, using the Charleston area MLS listings will be a welcome aid.

Interested in selling your Charleston area home? Visit: www.jeffcookrealestate.com

Interested in buying a Charleston area home? Visit: www.discovercharlestonareahomes.com

Rise in Real Estate Prices Slows — and That’s Good News!

Real Estate Prices Growing at a More Sustainable Pace

The future of real estate prices in the Charleston area is always a matter of keen interest to area homeowners. So it’s important when the latest national numbers in the Case-Shiller Index show that the rate of rise in real estate prices has begun to slow.

Charleston area homeowners should be pleased!

“WHAT?” you may well be thinking. If the rise in national or Charleston area real estate prices is slowing down, why in the world would that please homeowners? The answer is only a little bit convoluted.

The fact is, the recent remarkable leaps in real estate prices had some knowledgeable observers shaking their heads. The Business Insider even headlined, “These Home Price Gains are Not Normal, Sustainable, Or Believable.” BI was reacting to the previous three straight months’ real estate price appreciation “above 10%.” They speculated that a large number of foreclosures now being recycled at more normal price levels had created an artificially high growth rate.

That’s why slowing down a little would mean a more normal market — and more reliable growth statistics. Other conditions make that story easy to accept:

While interest rates have risen slightly, at today’s rates, borrowing is still notably inexpensive. The increase in investor participation (they tend to pay in cash) also reflects the more conservative lending environment.

By the end of the financial crisis, construction in many parts of the country had fallen sharply, leading to a tight housing inventory. The shorter supply caused additional pressure on real estate prices.

Another factor: rising rents. Whenever the economy performs well, rentals reflect it, in turn stimulating Charleston real estate prices. The economy may not be as robust as we’d wish, but its positive direction plus the stock market’s rebound have combined to support value growth.

What to expect from real estate prices in the Charleston area this fall? Going forward, expect to see a continuation of gains at the slightly slower rates that are beginning to register.  Anyone looking to re-enter the residential market should find that now is the time to start looking…and offering.

Looking to sell your Charleston area home? Visit: www.jeffcookrealestate.com

Looking to buy a Charleston area home? Visit: www.discovercharlestonareahomes.com

Charleston Area Real Estate Market Data for September 22-28, 2013

Buying activity is still extremely strong in the Charleston area and based on the reports gathered, only in 2006 have we seen this much buying activity this late in the year.

According to figures, 200 single family homes are under contract this past week which really shows great activity for this time of year. The median list price is $217k which is equal to $111 per square feet. Twenty of those properties are under $100k, while 4 single family homes are over $1M.  The median days on market is 53 and median year built is 1994.

37 (19%) of the 200 single family homes under contract this past week are Bank Owned Foreclosures or Short Sales.  7 of the 17 short sales were in the areas of North Charleston, Summerville, Ladson and Moncks Corner.  Several areas saw a small uptick in the numbers of short sales and bank owned properties going under contract.

17 James Island single family homes went under contract this past week and are listed from $83k-$620k.  The median price of these homes under contract is $240k which equals to $153 a square foot. 5 homes listed in the James Island area are under $200k, another 5 above $300k and 4 single family homes under $135 per sq ft. There were 4 (24%) Bank Owned Foreclosures or Short Sales and no new construction homes went under contract.

25 single family homes in West Ashley went under contract this past week, listed from $63k-$446k.  The median price is at $199k, equaling to $113 per square feet. 3 properties are above $300k. 9 (36%) properties are under Bank Owned Foreclosures or Short Sales and 1 property under contract was new construction.

 In Mount Pleasant there are 36 single family homes under contract this past week which are listed from $175k-$1.1M. 5 of those properties are in Dunes West and 5 are in Park West. The median price is $423k equaling $155 per square foot.  Another 9 properties were over $500k. Only 5 properties were listed for under $140 per square feet. While 5 (14%) single family homes Bank Owned Foreclosures or Short Sales and 2 are under new construction.

34 Summerville/Ladson single family homes are under contract this past week and are listed from $68k-$419K.  The median price of these homes is $175k equaling $89 a square foot. 2 of the properties are under $100k and 2 are above $300k. 7 (21%) single family homes are Bank Owned Foreclosures or Short Sales.

36 single family homes in Hanahan, Goose Creek and Moncks Corner are under contract this past week, listed from $33k-$479k. The median price is $145k which is $94 per square foot. 7 properties were over $200k, while 4 (11%) homes under contract are Bank Owned Foreclosures or Short Sales and 2 homes under contract new construction.

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